European Central Bank (ECB) Governing Council member Gabriel Makhlouf said on Thursday that “housing markets across the world responding to rising interest rates, early indications of reduced demand.”

Further comments

“Vulnerabilities accumulated during the period of low rates means the full impact of shocks are hard to foresee.”

“Undoubtedly risks of further asset price falls, potential episodes of market disruption as we tackle inflation.”

Market reaction

EUR/USD is clinging to gains above 1.0400, currently trading at 1.0425, 0.30% higher on the day.